Causal analyses between exports and economic growth in developing countries

This study investigates the prima facie causal relationship between the exports and output growth in 30 developing countries over the period from 1960 to 1988 in a multivariate framework. The information set considered for the output and exports models are ω = (domestic output, exports, labour and capital), and ω = (exports, domestic output, exchange rate and foreign output) respectively. This study indentities a feedback prima facie causal relationship between exports and output growth in five countries, export growth prima facie causes output growth in another six countries; output growth prima facie causes export growth in a further eight countries; and no causal relationship was observed between export growth and output growth in the remaining 11 countries. We also found that in 15 countries the foreign exchange rate prima facie caused export growth, and that in 12 countries world output caused export growth.     

Embeddedness of innovation receivers in the multinational corporation: Effects on business performance

This paper investigates how relationship embeddedness in MNC subsidiaries’ corporate and external networks influences the contribution of innovation transfer to the recipient subsidiary's business performance. OLS regressions using data on the intra-MNC transfer of 224 innovations indicate that the embeddedness of a subsidiary's relationships in the corporate and external network positively affects the received innovation's contribution to business performance. More detailed analysis demonstrates that the positive link between a subsidiary's embeddedness in the external network and the contribution to business performance of receiving an innovation is negatively affected when the innovation is unique compared with other innovations on the market.     

UNDERPRICING OF IPOS THAT FOLLOW PRIVATE PLACEMENT

In this study we examine the underpricing of initial public offerings (IPOs) by firms that have private placements of equity before their IPOs (PP IPO firms). We find that PP IPOs are associated with significantly less underpricing than their peers. Furthermore, PP IPOs are associated with lower underwriting spreads, more reputable underwriting syndicates, and greater postissue analyst coverage as compared to IPOs that are issued by their industry peers under similar market conditions. Consistent with the implications of the information asymmetry explanation for IPO underpricing, our findings suggest that companies could benefit by conveying their quality via successful pre‐IPO private placements that help reduce the cost of going public.     

Cost efficiency,economies of scale,technological progress and productivity in Indonesian banks

This study estimates cost efficiency, economies of scale, technological progress, and productivity growth among Indonesian banks from 1993 to 2000. Average cost efficiency for the banking sector over this period was 70%. However, there is a marked difference in cost efficiency before and after the Asian economic crisis. The banking sector cost efficiency was 80% prior to the crisis and 53% after the crisis. Moreover, results indicate that private-owned banks and joint venture/foreign banks were more efficient than public-owned banks. Furthermore, the relationship between cost efficiency and total assets suggests an optimum bank asset size. Cost reductions attributed to technological progress and economies of scale were greater prior to the Asian economic crisis. Larger decreases in total factor productivity are evident in the post-crisis period.     

中国-尼泊尔贸易现状、影响及发展路径研究

中国和尼泊尔的双边贸易由于规模较少,所占份额较小而很少受到研究者们的关注,相关文献也很少涉及;但实际上,中尼贸易对于中国西藏经济发展的贡献以及作为贸易中介和转口的作用是不容忽视的。在此背景下,文章解析了近年来中尼贸易的规模、增长速度以及贸易结构的情况,以定量分析方法得出了中尼贸易对于西藏经济增长的作用和贡献度,最后提出了发展中尼贸易的路径选择。     

Analysing the Statement of Cashflows

Australian public companies have been required to report a statement of cashflows since 30 June 1992. Since then, little has been written on the usefulness of the cashflow statement. This paper suggests some cashflow ratios and explores the usefulness of the statement through a financial analysis of Brash Holdings Ltd. The paper particularly emphasises cashflow ratios derived wholly from the statement of cashflows and suggests that ratios derived in this way are a useful analysis tool. The application to Brash Holdings also serves as a useful pedagogic instrument for financial analysis using cashflow and accrual information.     

Recommended play and correlated equilibria: an experimental study

This study reports a laboratory experiment wherein subjects play a hawk–dove game. We try to implement a correlated equilibrium with payoffs outside the convex hull of Nash equilibrium payoffs by privately recommending play. We find that subjects are reluctant to follow certain recommendations. We are able to implement this correlated equilibrium, however, when subjects play against robots that always follow recommendations, including in a control treatment in which human subjects receive the robot “earnings.” This indicates that the lack of mutual knowledge of conjectures, rather than social preferences, explains subjects’ failure to play the suggested correlated equilibrium when facing other human players. We are grateful for financial support provided by the Purdue University Faculty Scholar program and the Asociación Méxicana de Cultura, as well as for the valuable research assistance provided by Shakun Datta and Marikah Mancini. We received helpful comments from Shurojit Chatterji, David Cooper, Arthur Schram, Ricard Torres, an anonymous referee, and from conference and seminar participants at Royal Holloway, the University of Amsterdam, Purdue University, the Economic Science Association and the Society for the Advancement of Economic Theory.     

A provider-cost/patron-effort schema for classifying products

Since the commodity-oriented thinkers of marketing’s early history, marketers have sought a valid schema for classifying products. Currently, the marketing literature is dominated by two types of schemata for classifying products: product-based and consumer cost-based. Despite marketing tenets such asexchange is the focal notion of marketing andgood marketing theory integrates the perspectives of firms and consumers, no existing schema embodies either exchange or a dual firm/consumer perspective. After reviewing the existing classificational schemata, one such schema is proposed and evaluated. The two classifying dimensions of this schema are providers’ relative variable costs (PRVC) and patrons’ relative effort (PRE). Crossing high and low levels of PRVC and PRE yields four product categories: low cost/effort, patroneffort heavy, provider-cost heavy, and high cost/effort. His work has appeared inJournal of Marketing, Journal of Business Research, Journal of Retailing, Journal of Advertising, International Journal of Advertising, Business Horizons, Business Ethics: A European Review, and other journals. His current research interests include marketing theory, advertising, and ethics. He received his Ph.D. in marketing from Purdue University. will soon receive his Ph.D. in marketing from the University of North Texas. His work has appeared inAcademy of Management Journal, as well as the proceedings of the American Marketing Association, the Decision Science Association, and the Society of Franchising. His research interests include building and testing models in international marketing, consumer behavior, and marketing management. His current research interests include self-referent processing of advertisements and consumer satisfaction.     

Relationships among measures of retail salesperson performance

A lack of understanding of the relationships among measures of salesperson performance exists in practice and in the retailing/sales management literature. This article examines the relationships among three commonly used measures—one outcome (sales volume) and two judgmental measures (managerial evaluations and salesperson self-evaluations). We empirically demonstrate that not all judgmental measures are related to outcome measures; that is, salesperson self-evaluations are significantly related to sales volume, but managerial evaluations are not. The study also examines the efficacy of retailers using short outcome-measuring periods for evaluation purposes. The results suggest that outcome measure variance within salespeople for short periods is high and therefore these data should be used with caution. He received his Ph.D. in marketing from The Ohio State University. His research interests are in the areas of retailing, logistics, and sales management. He has published extensively in journals such as the Journal of Marketing Research, Journal of Marketing, Journal of the Academy of Marketing Science, and Journal of Retailing. He is co-author of Retailing Management. He received his Ph.D. in marketing from the University of Illinois at Urbana-Champaign. His research interests are in the area of sales management and organizational behavior. His has published in the Journal of the Academy of Marketing Science, Journal of Personal Selling and Sales Management, and International Journal of Physical Distribution and Logistics Management.